ONGC has 1.7 bn tonne oil reserves
In the recent review, it has been found that state-owned Oil and Natural GasCorp (ONGC) has over 1.7 billion tonnes of oil reserves in its domestic and foreign fields. ONGC has about 64 domestic fields which have a total reserve of 1.06billion tonnes of oil and oil equivalent natural gas, whereas, its 12 properties in countries like Russia and Sudan holds about 640 million tonnes of minerals.
It has been stated by the official sources that, the company had engaged Gaffney Cline and Associates (GCA) and DeGolyer & MacNaughton (D&M) to check its 64 domestic fields and assets in the countries like Russia, Sudan, Syria, Brazil, Colombia, Venezuela, Vietnam, Myanmar and Egypt. It is done to find out its oil reserves and the company has been preparing for its share sale next month.
On the other hand, the GCA has prepared an estimated inspection for ONGC's giant Mumbai High field, D&M carried audit of 63 other domestic fields and the overseas assets.
The government has planned to sell 5 per cent of its shareholding in ONGC in the resulting public offer (FPO) in coming month. This is done to raise Rs 12,000-13,000 crore revenue.
